LaSalle has now secured tenants for 126,000m2 of commercial property in 12 month period across France.
LaSalle Investment Management (“LaSalle”) has announced the agreement of a six year firm lease with an international financial newspaper for prestigious offices located at 46 rue La Boetie in Paris, meaning that the building is now also fully occupied. The former headquarters of the French business publication, Les Echos, this restructured property was acquired and leased by LaSalle on behalf of the LaSalle French Fund II. Other occupants of the building include Allianz Real Estate GmbH, and Optimind.
In the past year, LaSalle has successfully negotiated letting agreements for approximately 126,000m2 of commercial real estate across France, generating a total of nearly €18.2 million per year in rental income for its Separate Account clients and Continental European open-ended and closed funds, including Encore +, LaSalle French Fund II and LaSalle Euro Growth II.
Office buildings accounted for nearly 29,000m2 of this space, with other high profile tenancies including a 12 year lease with DCNS, a leading European provider of naval defence systems, for the 12,349 m2 "Le Viala" property located in Paris’ 15th arrondissement, 42 rue du Docteur Finlay.
Light industrial properties also accounted for a significant proportion of the total volume at just over 31,000m2.secured through 37 new leasing transactions and lease renewals in a sector which has been significantly affected by the economic downturn. Retail lettings made up 7,500m2, while the remainder was accounted for by the securing of Point P as a tenant for the 51,000m2 Brie Comte Robert warehouse and Harbour SAS (part of CCV Beaumanoir) for 6,000m² at the Paris Oise Logistics Park.
Loïc Sanieres, European Director at LaSalle Investment Management, France said, "We’re delighted to have completed the lease up of this multi-tenant CBD property in rue La Boetie with yet another long-term tenant which confirms the quality of the restructuration and the location. The past year has been very successful in terms of securing high quality tenants for the properties we manage in spite of challenging economic conditions. We believe that this is testament to the quality of the properties that we manage and our proactive approach to asset management.”